HFF Arranges $120 million sale of The Crest at Fort Lee in New Jersey

by Haisten Willis

FORT LEE, N.J. — HFF has arranged the $120 million sale of The Crest at Fort Lee, a 351-unit apartment community. HFF marketed the property on behalf of the seller, Capri Capital Partners LLC. Pantzer Properties purchased the asset for $120 million, or $341,880 per unit, free and clear of any existing debt.

The Crest at Fort Lee sits on 13 acres at 900 Crest Lane in eastern Bergen County near the New Jersey Turnpike/George Washington Bridge as well as nearby shopping and dining. The gated property, which was built in 1999, is 96 percent leased and has a mixture of one-, two- and three-bedroom floor plans averaging 1,058 square feet.

The property consists of seven residential buildings with amenities including garage parking, tenant storage and balconies. Community amenities include a clubhouse, pool, fitness center, indoor basketball court, community room, business center, playground and grilling area.

Jose Cruz, Kevin O’Hearn, Steve Simonelli and Andrew Scandalios led the HFF investment sales team.

Hyland Levin LLP served as legal counsel for the buyer and Krawnow Saunders, Kaplan & Beninati LLP represented the seller.

“The buyer has an opportunity to add value to the property in a market that is seeing new development and higher rents,” says Cruz.

Capri Capital is an SEC-registered institutional real estate investment advisory firm, which has acquired or originated over $10 billion in commercial real estate investments since its founding in 1992.

The company offers real estate equity and debt products to its clients through separate account, commingled fund and joint venture formats. Over its 21-year history, Capri Capital has invested in multifamily residential and urban investments. Diversified assets managed on behalf of its pension fund and other institutional investors totaled nearly $3.9 billion under management as of Sept. 30. Capri is headquartered in Chicago, with additional offices in Los Angeles and the New York area.

Pantzer Properties, which was founded in 1971 as a vehicle for private investment in undervalued real estate, has been involved in more than $5 billion of real estate transactions. With approximately $2 billion in assets under management, the firm is the sponsor of the Panco Strategic Real Estate Funds, a series of opportunistic real estate funds focused on the multifamily sector.

The firm is headquartered in New York City.

— Haisten Willis

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